Property and casualty insurers were warned to prepare for the possibility that Canadian courts may apply the doctrine of reasonable expectations in cases where the policy language is unambiguous.Michael Teitelbaum, a specialist in civil litigation at Hughes Amys LLP (a member firm of The ARC Group), delivered a speech to the Property and Casualty Underwriters’ […]
By Canadian Underwriter | November 22, 2006
2 min read
Property and casualty insurance claims containing some element of fraud cost Canadians between $200 million and $300 million in 2005, according to statistics released at a Toronto roundtable exploring fraud in Canada”Industry statistics estimate that of the Cdn$20 billion paid out last year in property and casualty insurance claims, 20% to 30% contained some element […]
By Canadian Underwriter | November 14, 2006
2 min read
ING Canada Inc. (TSX: IIC) has reported a 2006 Q3 profit of Cdn$156.8 million, down Cdn$46 million (or 22.7%) from the Cdn$202.8 million reported in 2005. “The decline from an exceptionally strong third quarter in 2005 reflects lower realized investment gains as well as a reduction in underwriting income driven by lower favorable prior-year claims […]
By Canadian Underwriter | November 9, 2006
2 min read
Factory Mutual Insurance Co., operating as FM Global, will distribute a collective US$355 million membership credit to policyholders as of Jan. 1, 2007, the insurer announced Wednesday.The form of this one-time credit will be as an insurance premium reduction. It will be handed out to clients of FM Global that renew their policies in 2007 […]
By Canadian Underwriter | October 19, 2006
2 min read
The Insurance Institute has launched a new national consumer print campaign to promote Chartered Insurance Professionals (CIP), which will first appear in “Canadian Business” magazine on October 8, 2006. The Institute says the new campaign also recognizes the importance of property and auto insurance by staging a concerted effort in “CAA Magazine,” “Cottage Life,” “Reader’s […]
By Canadian Underwriter | October 3, 2006
2 min read
CSIO has launched its EDI Assessment Project to smooth technological integration between brokers' and insurers' systems
September 30, 2006
7 min read
ING Canada Inc. (TSX: IIC) reported net income of CD$205.9 million for the three months ended June 30, 2006 – down CD$17.7 million, or 7.9%, from the record results achieved during 2005 Q2. Revenues for 2006 Q2 amounted to CD$1.097 billion, compared to CD$1.112 billion last year. “ING Canada had another quarter of strong performance,” […]
September 30, 2006
1 min read
In conjunction with the B.C. provincial government and police, ICBC is putting auto thieves and their passengers on notice that if they steal a vehicle, they will be held financially responsible.Project No Free Ride is an initiative focused on recovering costs from auto thieves directly through civil litigation. The program’s intent is to deter auto […]
By Canadian Underwriter | September 12, 2006
2 min read
Swiss Re has reported a 2006, first-half net income of CHF 1.6 billion (CD$1.43 billion) up 16%, compared to a strong first half of 2005. Annualized return on equity was 13.9% and shareholders’ equity increased 18% to CHF 27.1 billion (CD$24.23 billion). “We are pleased with our first half results, as they underline our progress […]
By Canadian Underwriter | September 6, 2006
1 min read
Some time ago, Mark S. Wilson, a lawyer at Anderson Wilson LLP, told a Kingsway General Insurance Company seminar that insurers needed to become better political lobbyists in today’s “plaintiff-friendly legal environment.” The question is: How is this going to happen, and who will spearhead the charge? Certainly, Smith’s observation that the courts are “compensation-minded” […]
August 31, 2006
3 min read